Insurance Claims: According to the J.D. Power and Associates 2009 study, only about 6% of homeowners per year file a home insurance claim.
WETT Certification and Insurance: If your home has a wood-burning fireplace, insert or stove--in short, any type of wood-burning system—chances are insurance company will want a WETT Certification, otherwise they will not provide homeowner insurance. If selling, we advise you obtain a WETT certificate confirming that the fireplace complies with current fire and building codes. Otherwise, the buyer will make it a condition of the offer to obtain certification. If the inspection reveals that the fireplace has not been installed to codes, with proper wall and ceiling clearances, this could cause your offer to fail.
Purchase Plus Improvements Mortgages: A purchase plus improvements mortgage can eliminate the need for a 2nd mortgage after buying a home to pay for improvements. CMHC and Genworth Financial can help you finance renovations at time of purchase by adding the estimated costs to your mortgage.
The insured loan will be based on the lower of
- The purchase price plus actual cost of improvements, or
- The "as improved" market value.
CMHC and Genworth will finance up to 95% of the value after renovations, by way of an appraisal. Lenders, however, may have a maximum amount they will finance. (Example: Now up to 10% of the initial value or $40,000).
If you are interested in a purchase plus improvements home purchase, we invite you to contact one of our experienced in-house mortgage agents with Centum Omni Mortgage Corporation (either Betty Talbot or Gidia Molinaro)